Wow! The numbers are in and it seems November was an AMAZING month for the Ottawa resale market! In November 2008 there were only 643 properties sold and this November there were 916 properties sold making it an increase of 42.5%!
Of those sales, 214 were in the condominium property class, while 702 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"The dramatic increase in sales can be explained by last year's sales being affected by the crisis in the financial markets," said Board President Rick Snell. "The five-year average for November sales is 809. Listing inventory remains at a low level and we are still in a seller's market," he added.
The average sale price of residential properties, including condominiums, sold in November in the Ottawa area was $313,370, an increase of 7.4 per cent over November 2008. The average sale price for a condominium-class property was $225,767, an increase of 1.7 per cent over November 2008. The average sale price of a residential-class property was $340,075, an increase of 9.8 per cent over November 2008.
We can only hope that our market remains strong coming into the New Year. There are no indications of it slowing down anytime soon!
It truly is the time to BUY or SELL! Call me if you have any questions.
Your Real Estate Professional,
Mary-Anne
Rainer
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